The weight of service and sacrifice ought to reap massive benefits for veterans and their surviving family members. And out of these multitudes of benefits stands an incredibly helpful VA loan program. Unlike other financing options, VA home loans can’t be transferred to veterans’ children or other civilians. It is a unique mortgage guarantee program exclusively awarded to service personnel and their surviving spouses.
However, surviving spouses need to thoroughly understand the concept of VA loans, mainly on the grounds of their eligibility. As VA home loans are provided by private mortgage lenders such as banks and mortgage brokers, a surviving spouse must take a closer look at the specific terms and conditions of their VA home loan eligibility.
Millions of surviving spouses have been guaranteed with the home loan program since 1944. The Department of Veterans Affairs awarded the 20 millionth loan for a home in Woodbridge, VA., to Elizabeth Carpenter, surviving spouse of Army Cpt. Matthew Carpenter, an Iraq War Veteran who passed away due to cancer.
Given the low interest rates afforded by VA loans, the program has grown significantly in the last decade. If you’re a surviving spouse looking into getting the benefit of VA loans in Los Angeles, we’ve got you covered. We’ve collated the general guidelines that you need to know to get started.
What are the Eligibility Guidelines You Need to Know?
Over the years, the VA home loan program has helped fund the housing needs of the veterans’ and servicemembers’ dependents and survivors. Let’s go over the terms of eligibility if you’d like to participate in the mortgage program.
According to the U.S. Department of Veterans Affairs, eligible persons for the Survivors’ Benefits program are the following:
- Unremarried spouse of a veteran who died while serving or from a service-connected disability
- Surviving spouse of a veteran who died while serving or from a service-connected disability who remarries after age 57, and on or after Dec. 16, 2003
- A spouse of a service member who is MIA or a POW
However, under the legislative changes on the eligibility for survivors of certain veterans, these guidelines were amended to include more surviving spouses.
Now, you may be awarded the VA mortgage loan if you’re a surviving spouse of a veteran who:
- At the time of death, was receiving compensation for a totally service-connected disability
- Was continuously rated “totally disabled” for at least 10 years immediately preceding death
- Was continuously rated “totally disabled” for at least five years from the date of discharge or release from active duty
- Was a former POW who died after Sept. 30, 1999, and was continuously rated totally disabled for at least one year immediately preceding death
VA loans are one of the safest and most cost-effective mortgages that surviving spouses of servicemembers can enjoy. With this loan program, you can secure shelter for future generations in commemoration of your spouse’s heroism, honor, and glory.
VA Mortgage Benefits
Do you qualify for the VA home loan? Take note of the mentioned guidelines and assess your situation to determine your eligibility for the special benefits program.
Your Los Angeles VA Loan Specialist: Shannon Christenot
To get the most of your mortgage in securing your housing funds, make sure to reach out to a mortgage company to best get your housing needs in Los Angeles. Shannon Christenot is a mortgage broker in Los Angeles holding licenses from NMLS and BRE. Request a mortgage quote today by calling us at (818) 601-2231!